(UTV | INDIA) – India’s Supreme Court has ruled in favour of Amazon in a decision that could shape the growth of e-commerce in India for years to come.
It upheld an order by a Singapore-based arbitration panel against India’s biggest retailer, Reliance, buying the country’s second biggest retailer, Future Group.
The court said the order is enforceable under Indian law.
Future Group had challenged the order in a high court in Delhi.
It contended that the deal was crucial to keep the company afloat after the coronavirus pandemic upended business.
But the court blocked the deal. An appeal led to a second order which said the deal could proceed.
Amazon approached the Supreme Court, whose verdict now stops the deal from going through.
